ZSL vs. EMET
ZSL (ProShares UltraShort Silver) and EMET (VanEck Copper and Green Metals ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while EMET is a Copper fund tracking the MVIS Global Clean-Tech Metals Index. Both are passively managed. Over the past 3 years, ZSL returned -67.63%/yr vs 18.09%/yr for EMET. At a correlation of -0.56, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.61%/yr for EMET.
Performance
ZSL vs. EMET - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -46.07% return, which is significantly lower than EMET's 11.62% return.
ZSL
- 1D
- 11.07%
- 1M
- 43.00%
- YTD
- -46.07%
- 6M
- -49.83%
- 1Y
- -88.73%
- 3Y*
- -67.63%
- 5Y*
- -50.28%
- 10Y*
- -41.09%
EMET
- 1D
- -5.73%
- 1M
- -5.77%
- YTD
- 11.62%
- 6M
- 11.02%
- 1Y
- 87.54%
- 3Y*
- 18.09%
- 5Y*
- —
- 10Y*
- —
ZSL vs. EMET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -46.07% | -87.29% | -42.43% | -5.49% | -28.09% | 10.50% |
EMET VanEck Copper and Green Metals ETF | 11.62% | 81.22% | -12.81% | -12.28% | -17.15% | 0.11% |
Correlation
The correlation between ZSL and EMET is -0.68, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.61 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2021 | -0.56 |
The correlation between ZSL and EMET shifts across timeframes, from -0.68 (1 year) to -0.56 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. EMET — Risk / Return Rank
ZSL
EMET
ZSL vs. EMET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and VanEck Copper and Green Metals ETF (EMET). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZSL | EMET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.03 | ||
| Sortino ratioReturn per unit of downside risk | -4.52 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.36 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.44 | -4.38 |
| Martin ratioReturn relative to average drawdown | -1.27 | 11.10 | -12.37 |
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Drawdowns
ZSL vs. EMET - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than EMET's maximum drawdown of -53.05%. Use the drawdown chart below to compare losses from any high point for ZSL and EMET.
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Drawdown Indicators
| ZSL | EMET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -53.05% | -46.95% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -25.58% | -68.53% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -40.50% | -57.90% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -15.40% | -84.59% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -24.65% | -71.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 7.91% | +61.88% |
Volatility
ZSL vs. EMET - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to VanEck Copper and Green Metals ETF (EMET) at 15.63%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than EMET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | EMET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 15.63% | +12.60% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 33.60% | +74.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 38.24% | +84.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 33.37% | +41.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 33.37% | +32.36% |
ZSL vs. EMET - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than EMET's 0.61% expense ratio.
Dividends
ZSL vs. EMET - Dividend Comparison
ZSL has not paid dividends to shareholders, while EMET's dividend yield for the trailing twelve months is around 1.65%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
EMET VanEck Copper and Green Metals ETF | 1.65% | 1.84% | 1.89% | 2.02% | 2.56% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSL and EMET have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.23%) compared to EMET (15.63%). In terms of maximum drawdown, ZSL dropped -100.00% vs EMET's -53.05%.
On 3-year performance, EMET leads with 18.09% vs -67.63% for ZSL. On fees, EMET is cheaper at 0.61% per year. On volatility, EMET has been the lower-risk option at 15.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMET has performed better with a 18.09% return vs -67.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMET is cheaper with a 0.61% expense ratio, compared with 1.32% for ZSL.
EMET has the higher dividend yield at 1.65%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while EMET is Copper. ZSL tracks Bloomberg Silver Subindex (-2x), while EMET tracks MVIS Global Clean-Tech Metals Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 1.32% for ZSL and 0.61% for EMET.
EMET currently has the higher Sharpe Ratio (2.30 vs -0.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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